Thanks If SLG nabs Chase, then Silverstein should assign the rights to 2 WTC to someone else. Chase is 2 WTC's final hope.
I'm sure that Tishman is aggressively courting JPMC for the Spiral.
NY REAL ESTATE COMMERCIAL
S.L. Green Proposes to Trade Its One Vanderbilt for Two Other Towers
J.P. Morgan Chase would hand over two Midtown towers for the S.L. Green building, now being built.
By PETER GRANT
Dec. 10, 2016 7:00 a.m. ET
Landlord SL Green Realty Corp., which pulled off one of New York’s biggest office deals of 2016, is again sensing opportunity in the financial-services sector.
SL Green earlier this year proposed to J.P. Morgan Chase a complicated deal in which the bank essentially would swap its two headquarters buildings—383 Madison Ave. and 277 Park Ave.—for SL Green’s 1.75 million square-foot office tower that recently broke ground known as One Vanderbilt.
One Vanderbilt, according to people familiar with the matter. The bank has been considering the plan, but so far negotiations haven’t commenced, these people said.
SL Green has hit pay dirt with major financial services companies in the past. This year, it sold its two-building complex at 388-390 Greenwich St. to Citigroup Inc. for $2 billion. Citigroup, which had been leasing the complex, bought the building as part of efforts to consolidate and cut costs in the New York area.
Cutting a deal with J.P. Morgan poses a bigger challenge for SL Green because the bank—as the owner of its two buildings—has no need to move.
Still, J.P. Morgan made it clear it would consider the right deal two years ago when it negotiated with the city and state of a package of incentives that would enable it to move into Related Cos.’ Hudson Square development on Manhattan’s West Side. That deal collapsed partly because not enough subsidies were offered.
SL Green might soon be joined by a partner in its efforts to lure J.P. Morgan to One Vanderbilt. SL Green chief executive Marc Holliday said at an investor conference last Monday that the company was negotiating to sell a 28% stake in One Vanderbilt to a foreign investor.
Write to Peter Grant at [email protected]